Latest figures from the Petroleum Products Pricing Regulatory Agency (PPPRA) shows that the Federal Government is subsidising petrol at N10.58 per litre.
The PPPRA’s latest figures, based on average Platts prices for November 20, showed that the Expected Open Market Price of petrol, which is the summation of the landing cost plus the subtotal margins, was N97.58 per litre. This is against the approved retail price of N87 per litre, indicating that the Federal Government is subsidising the product by N10.58 for each litre sold to consumers.
Figures from the Nigerian National Petroleum Corporation (NNPC) also showed that an average of 40 million litres of petrol is consumed on a daily basis throughout the country. By implication, the Federal Government will be paying about N423.2m to importers daily as subsidy on petrol sold in the nation.